For the second quarter in a row, Robinhood made more money from prediction markets than from crypto.
The numbers: $173 million from yes-or-no bets on sports and elections, versus $120 million from crypto trading. While crypto revenue ticked up from Q2, total crypto volume on the platform is still down 38% from a year earlier.
This is a clean read on the retail mindset. The CEO called it a "prediction market supercycle," and the data is proving him right. The average user is reaching for a simple, binary bet, not for a complex crypto asset. It suggests the easiest-to-understand product wins, not necessarily the most technically advanced one.
Is the real retail 'supercycle' in simple yes/no bets, not crypto?
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The numbers: $173 million from yes-or-no bets on sports and elections, versus $120 million from crypto trading. While crypto revenue ticked up from Q2, total crypto volume on the platform is still down 38% from a year earlier.
This is a clean read on the retail mindset. The CEO called it a "prediction market supercycle," and the data is proving him right. The average user is reaching for a simple, binary bet, not for a complex crypto asset. It suggests the easiest-to-understand product wins, not necessarily the most technically advanced one.
Is the real retail 'supercycle' in simple yes/no bets, not crypto?
$BTC
New reads post through the day. Follow so you don't miss the next one.
